(November 2) – The Maritime Life Assurance Co. has filed a preliminary short form prospectus to offer $100 million of new, non-cumulative, redeemable, second preferred shares.
The proceeds will be used to fund the acquisition of Aetna Life Insurance Co. of Canada, a deal struck back on October 1 when Maritime Life’s parent company, John Hancock Canadian Holdings Ltd. acquired Aetna Canada. The deal is still waiting for approval from the federal Finance Minister, although it has already been approved by the Office of the Superintendent of Financial Institutions.
The deal will be underwritten by a syndicate led by Nesbitt Burns Inc. and RBC Dominion Securities Inc.. It will also include: Scotia Capital Inc., CIBC World Markets Inc., TD Securities Inc., National Bank Financial Corp. and Merrill Lynch Canada Inc.
-IE Staff
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